Apple’s Stock Surges as China Business Thrives: Tech News Update

Tech stocks are off to a strong start this week, with Nvidia and Apple leading the charge. The Nasdaq Composite Index edged 0.3% higher early Tuesday, following a record high close on Friday. Over the past five weeks, the index has climbed an impressive 10.7%, according to Dow Jones Market Data.

Apple stock made significant gains, moving closer to positive territory for the year with a 0.9% increase. The tech giant’s iPhone shipments in China saw a 52% surge in April, according to Bloomberg, citing data from the China Academy of Information and Communications Technology. This positive news comes after concerns about competition in the Chinese market and softening demand for iPhones, which had caused Apple shares to fall 1.3% so far in 2024.

Meanwhile, Nvidia stock continued its upward trajectory, jumping 4.8% as its meteoric rise showed no signs of slowing down. The company’s shares have surged by 115% in 2024, reaching over $1000 last week after its first-quarter earnings report.

Elon Musk’s artificial intelligence start-up xAI also made headlines, raising $6 billion in its latest venture round. As a Nvidia customer, xAI’s potential spending on Nvidia’s hardware could further boost the chipmaker’s stock.

Other chip sector stocks also saw gains, with Advanced Micro Devices rising 0.7%, Micron Technology up 1%, Qualcomm climbing 1.2%, and Intel rising 0.9%. However, AI-exposed stocks had a more mixed performance, with Palantir Technologies falling 0.6%, C3.ai declining 1.2%, and AI server maker Super Micro Computer rising 0.5%.

Overall, the tech sector is showing resilience and strength, with investors keeping a close eye on these key players in the market.